3 min read
Updated on Sep 27, 2022
The pre-owned market space for cars in India is much bigger than you might anticipate. For the year 2021, the new car sales stood at 2.6 million whereas pre-owned car sales stood 1.5 times at 3.8 million. If you are looking for a pre-owned car, the chances are pretty high that you will find something to bring a smile to your face. However, amidst all this do not forget to get a car insurance policy for your car.
Irrespective of whether you buy a brand new car or a second hand car, they do not come cheap. Thus, it is in the best interest of everyone that you secure it with a car insurance policy. In fact, a policy is one of the most economic ways of securing your car. Here is all that you need to know about second hand car insurance.
Any car or vehicle that has had more than one owner associated with it, is usually regarded as a second hand car. To be able to legally drive the second hand car on the road, you would need to have a valid car insurance policy. Second hand car insurance is an agreement between you and the insurance company for the second hand car that you already have or are planning to buy.
If you want to get the best car insurance in India for your pre-owner car, here are some important points to remember.
A considerable amount of car buyers do not avail of the option of transferring the car insurance from the original owner. There is a good possibility that there are a few months before the policy expires. Thus, you can transfer the policy from the original owner to your name. Though you cannot change the type of policy, you can use riders to improve the policy’s capabilities.
Here are a few simple steps to transfer the car insurance policy.
The other easier option is to buy new insurance for your secondhand car. Since it is illegal to drive without insurance, getting one at the earliest is highly recommended. Here is how you can get your hands on one.
It is always a good idea to know about the past claims of the car that you are buying. You can call up the previous car insurance company and ask for claim details, which they will share with you. This will not only help you assess the insurance better, but also give insights into how often the car underwent repairs.
The above will help you get insurance for your secondhand car without any hassles.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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